We seem to have undergone a double correction which, I hope, has ended as a triangle and we have just broken out of the triangle. See the contracting momentum on RSI and the contracting price action. If this does prove to be a wave 3 of 3 of 3 then I expect impressive fireworks and sexy moves by BTC
Hey guys, an update on what I feel is happening:
Basically I think we finished wave 3 (in blue on my last chart and represented by subwave v in red on this chart) and started wave 4. Wave 4 is a correction. There are several types of corrections: zigzags, flat corrections, irregular corrections, triangular corrections and a combination of all the above. It is...
Every time BTC hit a bottom of a downtrend that was accompanied by distinctively high volume several times the average and it rallied higher every time. Very high volume at the end of a downtrend (or uptrend) usually marks the exhaustion phase of the trend and a potential trend reversal.